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7/31/20
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San Diego-based Westcore has purchased a 155k sf warehouse and cold storage facility in Oakland. The acquisition was made with a $15 mil loan arranged by CBRE Capital Markets’ Debt & Structured Finance team.
Located at 8380 Pardee Dr, just east of Oakland International Airport between Doolittle Dr and I-880, the property was originally constructed in 2012. The building features 8k sf of cold storage space, 30’ clear height and an ESFR fire suppression system. It is fully leased to Horizon Beverage Co, a beer and malt liquor distribution company that primarily distributes products made by Anheuser-Busch.
The building is one mile from the Oakland International Airport and its accompanying BART station that connects to the rest of the Bay Area. It is also within seven miles of the Port of Oakland.
Mark McGovern and Morgon Fraser of CBRE’s San Diego office arranged the five-year loan. According to McGovern, in addition to its excellent location, the facility offers the tenant all of the features of a modern, Class A building.
Net absorption remained positive in the second quarter of 2020 in the Oakland industrial market, bringing the year-to-date total to just over 2.1 msf, according to a CBRE research report. Industrial demand remains strong, totaling 4.5 msf across 34 tenants.
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